Worldspd Share Discussion Threads

[m.t.glass] 20/3/2012 10:53

Llados - I imagine every response, including emails, will be booked and charged for. Just as they would always have done with letters. Easy money when the reply each time is pretty well standardised.

[mikeja] 20/3/2012 10:51

I will probably berated for this but as a major loser from the WSPR debacle,believe me I post this with no ulterior motive but just as the truth.It is something from Muso Soseki a 13thC Zen Master.Thereis ultimately no means of safeguarding anything in this world.Anything you gain can be lost,destroyed or taken away.For this reason,if you make the acquisition or retention of goods or status your aim in life,this is a way to anxiety and sorrow.
Very a propos

[llados] 20/3/2012 10:38

and then - thank you!
Take the point about 'phoning the administrators and charges, so will emailing them have the same effect? L.

[tim 3] 20/3/2012 08:08

Hope they checked the five eights account.

[xclusive2] 20/3/2012 07:55

Well I hope the directors involved have got assets that are accessible. Probably anything liquid transferred to the wife' sisters, uncles, cleaners bother! We don't want any assive legal costs this is where our mony will go !!

Smarty

[effortless cool] 20/3/2012 07:33

Answer - "only a few - the accountants are there already".

[effortless cool] 20/3/2012 07:33

The more pertinent question is: "how many lawyers can you fit around a trough"?

[m.t.glass] 20/3/2012 07:21

Heck, how many lawyers does it take to change a lightbulb???

More appointments, more fees:




Reed Smith has won the role acting for the administrators of WorldSpreads, the spread-betting operator being wound up after accounting irregularities were found in its finances.

London restructuring partner Charlotte Møller and Europe and Middle East disputes head Richard Spafford are understood to be advising KPMG partners Jane Moriarty and Samantha Bewick, who were appointed yesterday as special administrators of the AIM-listed company.

A KPMG spokeperson confirmed the appointment of Reed Smith, but a spokesperson for the US firm said it could not comment on ongoing client matters.....



.... Møller and Spafford instructed Glen Davis QC and Jeremy Goldring of South Square for the company's directors for the hearing....



....A WorldSpreads spokesperson confirmed that Dominic Bacon - one of The Lawyer's Hot 100 lawyers in 2004 - remains general counsel. Bacon was also shortlisted for The Lawyer's In-House Lawyer of the Year award in 2009....

[m.t.glass] 20/3/2012 06:45

"...One theory has WorldSpreads expanding too fast, taking on big positions that went against it – and then lacking the company funds to hedge against them. So, the theory goes, it either dipped into client funds, borrowing from one customer to pay another – or credited winning customers with money it didn't have, in the hope they would run up future losses and never need paying. All this is conjecture....."

[and then] 20/3/2012 06:42

and ladies; of course...

[simon cawkwell] 20/3/2012 06:41

Gentlemen,

Could I please mention that it is quite pointless for any creditor of WSPR to telephone KPMG since they cannot assist and will be unable to do so for many weeks. Every time they are contacted they just chalk up charges at £100 and more plus VAT an hour. So, if you know what's good for you, keep your mouth shut.

Simon Cawkwell

[m.t.glass] 20/3/2012 06:34

Can anyone here clarify whether there is any previous connection between ETX and Worldspreads - such as any ETX owners/directors/employees being previous Worldspreads people?

[miti 1000] 20/3/2012 06:21

The chances that all stock positions were closed out on friday or yesterday and that etx will takeover wspr and cover all client losses are zero.....dream on though!!!

[and then] 20/3/2012 06:20

Mattjos - 19 Mar'12 - 22:14 - 364 of 373

---------------

I did; i decided to close some of my holdings in another company as a result...

[5huggy] 19/3/2012 23:03

If this helps ladies and gents

[taximania] 19/3/2012 22:55

i mentioned earlier that i had receieved a call saying that all would be sorted (lol) the link in the email took me to ETX so maybe a bit of clever detective work has been done , surely i cant be the only one they have approached ?
if someone could aquire w/spreads for the cost of the missing money they would be getting a bit of a bargain wouldnt they .....?
edit
maybe not such a bargain markt cap was never much more than that anyway

[taximania] 19/3/2012 22:48

ETX Capital is in exclusive talks to acquire collapsed spread betting rival WorldSpreads.

Talks have been ongoing over the weekend and a deal is likely to be announced within the next 24 hours, it is understood.

Although the details are still being finalised, bankers say ETX is likely to have a particular interest in WorldSpreads client base and its technology platform.The news comes as WorldSpreads confirmed this morning that KPMG has been appointed as special administrators - the accountants will now make all business decisions at the firm while it is wound up.

Following an internal investigation, the firm said on Friday that it was suddenly "unable" to assess its own finances following the discovery of "possible financial irregularities".

Around 5000 customers of WorldSpreads are facing losses of £13 million after the beleaguered spread betting house today admitted to a "shortfall of client money".

WorldSpreads believes that it owes clients £29.7 million but only has cash balances of £16.6 million.

The shares were suspended on Friday.

That move followed the abrupt departure of chief executive Conor Foley last week. Chief financial officer Niall O'Kelly has also gone. It is he at which WorldSpreads seems to be pointing the finger

[mattjos] 19/3/2012 22:28

xclusive .. the stock in question is one that i had only recently physically tx'd to WS. Someone had them

[mattjos] 19/3/2012 22:27

RichardsJ2 ... it's a sensible course of action but, it will need to be started fast & the directors, each & every, should be named as individuals on a joint and several basis .... that way they're all on the hook, even if it is only one that is guilty. Pressurise them all in this way and it increases the odds of the weakest link in the group offering up the whole truth of the matter.

A recorded delivery summons to the high court, delivered personally at 4pm on a Friday, to answer charges for fraud./deception/theft (whatever) .. believe me, that will focus the minds of these individuals & their families.

They should all be barred from holding Directorships under the Companies Act.

Directors attempts to transfer assets, say to spouses or children, ahead of such criminal proceedings can be unpicked by the courts.

A law firm acting on a contingent basis should be able to recover greater than 100% of their costs, if they win, from the other side and there are plenty of law firms that delight in this form of action .... imagine the oportunity to stick one over on the directors, the FSA & E&Y.